COOK COUNTY LAND BANK AUTHORITY PREPARES TO GIVE AWAY FULLY REHABBED HOME

The Cook County Land Bank Authority will soon be announcing the winner of their second annual Home Giveaway Lottery. Photo Caption: Cook County Land Bank
The Cook County Land Bank Authority will soon be announcing the winner of their second annual Home Giveaway Lottery. Photo Caption: Cook County Land Bank

Cook County Land Bank Authority Prepares To Give Away Fully Rehabbed Home

BY KATHERINE NEWMAN

The Cook County Land Bank Authority (Land Bank) will soon be announcing the winner of their second annual Home Giveaway Lottery. The winner will receive a fully rehabbed move-in ready home located in the Village of Maywood. The purpose of the giveaway is to draw attention to the Homebuyer Direct program that the Land Bank offers.

The Land Bank was founded in 2013 and since then, has worked to provide local developers, community groups, and potential homeowners with the tools they need to transform the vacant properties and lots in their communities.

“What we do throughout the year as an agency is we acquire foreclosed, vacant, and abandoned homes and that’s what the Cook County Land Bank does at its core. We acquire vacant, abandoned, and distressed real estate and we wipe out things like back taxes, old water bills, and anything that would hinder the property from being transferred from one party to the next. We remove all that red tape and those barriers and then we sell these properties to developers, investors, homeowners, and nonprofits at below market price,” said Rob Rose, executive director of the Cook County Land Bank Authority.

The home that will be given away this year is a property that the Land Bank already had in their inventory and was specifically chosen to represent the type of homes and homeownership that are made possible through the Home Buyer Direct Program.

“The giveaway is really a chance for us to promote our homeownership program that we call the Homebuyer Direct Program. During this time of year, we thought giving away a home would be a great way to call attention to the program and to the benefits of homeownership in general,” said Rose. “We wanted to bring attention to the program that we have and to find a way to promote homeownership which we see as the cornerstone of how we are able to stabilize and rebuild neighborhoods.”

Through the Homebuyer Direct Program, prospective homebuyers can affordably buy a home and renovate it to meet their specific needs. Properties that are eligible for the Homebuyer Direct Program typically run between $30,000 and $180,000 and are listed on the Land Bank’s website along with answers to the homebuyer’s frequently asked questions. The Land Bank helps qualified home buyers find a home and guides them through the development process which includes connecting with contractors, designing their new home, and understating the renovation timeline, according to information provided by the Cook County Land Bank Authority.

The winner of this year’s Home Giveaway Lottery will be announced on Dec. 21

“It is extremely rewarding to do this because we know that we are transforming someone’s life and that the winner is actually getting the sort of breaks that we all dream of and that there is something transformational happening here that can change the trajectory of their life. We know that this house is going to have that effect,” said Rose.

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